Denver Real Estate Update – October 2009
The weather is cooling off, but how is the Denver real estate market faring this fall? Metrolist released its September statistics this week, revealing that the Denver housing market has definitely stabilized over the past few months.
The year-over-year picture isn’t pretty – single-family and condo sales decreased 15 percent from 2008. The price trend offers hope, though, with the average sold price ($251,112) for a Denver home, including single-family and condominiums, increasing 4.88 percent from last year.
There is more good news to report in September, including that Denver housing inventory is 17 percent lower than it was a year ago, and almost 2 percent lower than it was in August. Lower inventory is crucial to a housing inventory.
There is also good news about the Denver economy. The state’s jobless rate fell a half percentage point in August to 7.3 percent. This is the lowest number since February and it contradicts the upward trend of national unemployment rate of 9.7 percent, which inched up last month.
Despite the bright spots, we are still in the midst of a Denver buyer’s market. This is simply the best time in recent memory to purchase a home in the Denver housing market. Interest rates are hovering at around 4.85%, and there is a great selection of homes on the market. Plus, if you are a first-time homebuyer in Denver, you do not miss you’re your opportunity to take advantage of the government’s First Time Homebuyer’s Tax Credit until November 30th.
For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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